Showing 1 - 10 of 186
Modern growth theory derives mostly from Robert Solow's “A Contribution to the Theory of Economic Growth” (1956). Solow's own interpretation locates the origins of his “Contribution” in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the...
Persistent link: https://www.econbiz.de/10013084232
Post Keynesian (PK) growth models typically fail to model unemployment. That shows up in the absence of any equilibrium condition requiring the growth of employment equal effective labor supply growth. Consequently, the models can have an imploding or exploding unemployment rate. The underlying...
Persistent link: https://www.econbiz.de/10011926923
This paper links the super-multiplier to Keynesian macroeconomics, showing it to be the most Keynesian of growth perspectives. Next, the paper shows that the super-multiplier is a micro-economically coherent theory of investment and capital accumulation. Firms' decisions regarding capital...
Persistent link: https://www.econbiz.de/10011927111
From its flow tide, fueled by the Cold War, to its ebbing with the anti-growth movement and the economic crises of the early 1970s, the "growthmen" of MIT stood at the center of the dominant field in macroeconomics. The history of MIT growth economics is traced from Solow's seminal neoclassical...
Persistent link: https://www.econbiz.de/10011707791
Modern growth theory derives mostly from Robert Solow's "A Contribution to the Theory of Economic Growth" (1956). Solow's own interpretation locates the origins of his "Contribution" in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He...
Persistent link: https://www.econbiz.de/10011707818
Modern growth theory derives mostly from Robert Solow's "A Contribution to the Theory of Economic Growth" (1956). Solow's own interpretation locates the origins of his "Contribution" in his view that the growth model of Roy Harrod implied a tendency toward progressive collapse of the economy. He...
Persistent link: https://www.econbiz.de/10011708239
This paper explores the Kaldorian approach to endogenous growth theory. The central principles of this approach are explored, including the claims that growth is: (a) demand-led, with trade playing a central role in aggregate demand formation; and (b) path-dependent. It is shown that both the...
Persistent link: https://www.econbiz.de/10014195645
We use consumption and balance sheet data disaggregated between the top 5% and the bottom 95% of US households by income to show that the bottom 95% went deeply into debt to mitigate the impact of their stagnant incomes on their consumption. We use micro data to calibrate an intrinsic Keynesian...
Persistent link: https://www.econbiz.de/10013027468
We model US household debt accumulation during the neoliberal boom as a response to emulation effects and the decline of the social wage, which has "privatized" an increasing share of the costs of providing for services such as health and education. The debt dynamics of the US economy are then...
Persistent link: https://www.econbiz.de/10012914419
The paper builds on the concept of (shifting) involvements, originally proposed by Albert Hirschman (2002 [1982]). However, unlike Hirschman, the concept is framed in class terms. A model is presented where income distribution is determined by the involvement of the two classes, capitalists and...
Persistent link: https://www.econbiz.de/10012891592